Lula, Mississippi Property Taxes
The median property tax rate in Lula, MS is 2.04%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lula, the typical annual property tax bill reaches $674, which is below the national median of $2,690. Property taxes in Lula are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lula's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lula or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lula, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Lula Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lula with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lula to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lula, Mississippi
Property taxes in Lula, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lula is 2.04%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lula set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lula estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lula's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38644 has the highest median property tax rate of 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these areas compare with Lula provides valuable insights into the varying tax landscape across Coahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lula Tax Rate
2.04%
Average Coahoma County Tax Rate
1.87%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lula, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38644 | 0.94% | 0.95% | 2.04% | 2.04% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Lula, Mississippi
In Lula, Mississippi, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Coahoma County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lula, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lula helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $674, found in zip code 38644, while the lowest median tax bill is also $674 in the same zip code.
Average Lula Assessed Value
$38,470
Average Coahoma County Assessed Value
$38,666
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lula, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38644 | $14,921 | $25,882 | $38,470 | $55,188 | $65,725 |
Source: Ownwell
Property Tax Bills Across Lula, Mississippi
In Lula, located in Coahoma County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lula is $38,470. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $541 and the 75th percentile reaching $851. The 90th percentile tax bill is $949, indicating that most homeowners pay within this range. To determine the tax bill, local authorities assess the property's value and apply the relevant tax rate. Various factors, such as property improvements and market conditions, can influence this assessed value. The median property tax bill in Lula is $674, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means fewer resources for local services funded by property taxes. Homeowners should be aware of the assessed value of their property and understand how any changes might impact their tax obligations.
Average Lula Tax Bill
$674
Average Coahoma County Tax Bill
$908
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lula, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38644 | $147 | $541 | $674 | $851 | $949 |
Source: Ownwell